Accountant jailed in Hawaii

A former president of Hawaii’s Filipino Chamber of Commerce was sentenced by a United States District Court to spend 30 days in a federal prison after he pleaded guilty to wire fraud in exchange for federal prosecutors dropping 13 other charges.

Also for pleading guilty of lying about his income to secure a loan, Stephen Callo, who was sentenced Monday afternoon in Honolulu, could be stripped of his license as a certified public accountant (CPA) by regulatory authorities.
He was likewise ordered to pay $3,000 in fines and be on probation for three years.

Callo was one of 14 people indicted in August 2010 for wire fraud, conspiracy and making false statements on loan applications for 90 Oahu properties leading to subprime mortgage lenders being defrauded out of millions of dollars over a 5-year period spanning from 2003 to 2008.